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Consumer Prices Grow 1.4% in August

Written: 2018-09-04 09:10:53Updated: 2018-09-04 09:28:56

Consumer Prices Grow 1.4% in August

South Korea's consumer prices remained relatively stable in August after a drop in electricity fees offset a sharp increase in farm product prices.

According to Statistics Korea on Tuesday, the country's consumer price index gained one-point-four percent last month from a year earlier. 

The growth remained in the one-percent range for the eleventh straight month since it posted a two-point-one percent increase in September last year.

The rise was mainly led by oil prices which surged 12 percent on-year.

Prices of agricultural goods climbed seven percent during the same period. In particular, prices of vegetables surged 30 percent, or the highest growth since September 2016. 

Prices of electricity, water and gas, meanwhile, slipped nearly nine percent. 

Service prices increased one-point-four percent, and the cost of dining out climbed two-point-six percent last month from a year earlier. 

Core inflation, which excludes volatile oil and food prices, grew one percent in August.

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